Crypto.com Dumps MCO, Launches MCO/CRO Swap Program as MCO Spikes 38%

Leading cryptocurrency payment provider Crypto.com has announced the launch of the MCO swap program to enable users to convert their MCO tokens into CRO. 

Announcing the development today, Crypto.com stated that the move was initiated to unify the functionality of its native currencies, MCO and CRO, into a single token, CRO, to enhance the firm’s ecosystem ahead of its mainnet launch. 

Beginning from today, Crypto.com has urged its users to swap their MCO tokens to CRO through the Crypto.com app before November 2, 2020, at 23:59 UTC, as the firm’s blockchain will no longer provide support for them going forward.

MCO tokens that are not swapped before the deadline will only exist on the Ethereum blockchain as ERC-20 tokens, and will no longer be used on the firm’s products and services. 

Crypto.com has assured users that the development would not cause a change in its system functionality, but rather, it would only improve its functions in new ways. 

Conversion formula & swap bonus

Notably, on completing the swap, the CRO equivalent that will be allotted to a user for every swapped MCO would be determined using the Volume Weighted Average Price (VWAP) formula as represented in USD. 

According to the Hong Kong-based firm, using the VWAP formula, one MCO token will be equivalent to 27.6439 CRO.   

To motivate users to swap their MCO tokens for CRO quickly, Crypto.com has announced a massive giveaway of 20% for users who perform the swap operation before September 2, 2020.

Users who conduct the swap operation within the bonus window will receive 33.1726 CRO for each MCO.   

MCO token spikes 

Meanwhile, the movie seemed like an opportunity for traders who want to get the 20% bonus as the MCO token spiked by more than 38%, minutes after the announcement was made. 

Crypto.com has been recording significant feats since the turn of the year. The firm increased its popularity on Twitter last month when its CRO token became the second token after Bitcoin to have a designated emoji on the platform.